Super Spinning Mills Limited has informed the Exchange about Sale or disposal
SUPERSPIN · price
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Awaiting price reaction for this filing.
The Board of Super Spinning Mills has approved selling, leasing, or otherwise disposing of the land and building at 'Elgi Towers' in Coimbatore, which currently serves as the company's registered and central office. The disposal will be taken to shareholders via a Postal Ballot under Section 180(1)(a) of the Companies Act and SEBI's Regulation 37A. As per FY25 audited numbers, this property contributes Rs. 48.40 lakhs in revenue (7.30%) and Rs. 1,164.36 lakhs to net worth (25%). No buyer has been identified yet, and the company has confirmed the transaction is not a related-party deal and not a slump sale. Consideration will be at or above prevailing market price.
Shareholders will get to vote on the disposal through a Postal Ballot. While the property is not the core spinning business, it represents a meaningful 25% of the company's net worth, so the eventual sale price and use of proceeds will be important for shareholders to evaluate.